ming chen began a professional practice on june 1

SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. You can message me to discuss the details. 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Write Balance in the Item column and place a check mark () in the Posting Reference column. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Chapter 1 Exercises i Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Paid dividends, $3,000. b. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Expenses During June, Ming Chen (the owner) completed these transactions. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. 28. 10.000 22. Greetings! c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 61. Which of the following is true? a. Gervais deposited 25,000 in a bank account in the name of the business. Paid 250 to creditors on account. I will also provide you with TURNITIN PLAGIARISM REPORT. c. Amount of net income for August. b. If an entry is not required for any of these transactions, state this and explain why. During the month, she completed the following transactions connected with her professional practice: a. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. a. A building and equipment are currently being rented, pending expansion to new facilities. 3. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 10. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. 25. 504. j. The actual work of dry cleaning is done by another company for a fee. b. Instructions 1. %3D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 Create the following table similar to the one in Exhibit 1.9. 7.500 %3D Purchased supplies on account, 735. Received $100 from a customer for services we will provide next week. To ensure my potential must visit my profile to check my ratings and uploaded samples. Record the transactions and the balance after each transaction. Opened a business bank account with a deposit of 50,000 from personal funds. Can you think of any reason why the amount determined in (4) might not be the net income for November? The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. i. Establish a ledger for the accounts listed above and enter the beginning balances. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts (Record as Miscellaneous Expense.) 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 12. h. Borrowed $100,000 by issuing a note payable. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. 14.Paid wages of 1,200 to receptionist and part-time assistant. g. The company paid an assistant $3,000 cash as wages for the month. 15. b. 58,500 15,000 b. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. $30000. Thanks :--). No. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid on account to the City Crier, 455, Ck. 2. 503. h. Sold catering services on account, 4,307. i. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: +. 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid part-time receptionist for two weeks salary, 750. d. The company completed work for a client and immediately collected the $2,500 cash earned. A Wages of $379,000 were paid in cash. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000 Received 500, with the remainder due on August 9, 2019. Paid 700 to a local audio electronics store for rental of digital recording equipment. View this solution and millions of others when you join today! Hal Smith opened Smith's Repairs on March 1 of the current year. %24 60,000 Bal. 61,000 f. The company purchased additional equipment for $6,000 cash. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Withdrew cash for personal use, 7,500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. During June, Ming Chen (the owner) completed these transactions. 10,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. f. The company purchased additional equipment for $6,000 cash. 2,500 Determine the following: a. 6. 9. 2.Received 1,000 cash from customers on account. 23. Analyze each transaction, Journalize as appropriate. Cash Introduce yourself. 58,500 b. A:The financial statements of the business include the income statement and balance sheet of the firm. The American Chamber of Commerce in South China. 4. The policy covers a one-year period. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 3. Transactions completed during the month follow. Instructions 1. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. 505. m. Paid the salary of the assistant, 1,150, Ck. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Required Determine the increase or decrease in owners equity for August. Required Do you need an answer to a question different from the above? He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Bal. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Record the transactions and the balance after each transaction. 13. 3. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. $15,000 (1,500) + During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. Determine the net income or net loss for April. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. During the month, she completed the following transactions connected with her professional practice: a. %24 I can help you with creating a presentation of one slide for The Word of William Hunter. Determine account balances of the T accounts. Paid electricity bill for May, 810. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. a. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). b. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Instructions 1. A. 3. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: Paid gas, oil, and repairs on automobile for April, 550. Instructions 1. 8.000 b. During June, Ming Chen (the owner) completed these transactions. Receivable Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Paid dividends, 10,500. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 1004. j. G. Received the electricity bill. 24. d. Paid rent on office and equipnwnt for the month, $5,000. Interest of $5,000 was paid on the long-term loan. (Income Summary is account 34 in the chart of accounts.) 30. 3. Dividends D. An office worker was hired. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 3. a. During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for the month. 30. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Paid rent for July, 1,750. Determine the net income or net loss for October. Budgeting issues at the movies: 8. b. 1. Payable Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. i. f. Paid office salaries, $6,500. Accounts containing only a single entry do not need a balance. 61,000 Received cash from clients on account, 2,450. 4. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. During June, Ming Chen (the owner) completed these transactions: a. A:Hi student Expenses 00. II Bal. A:Introduction: 2. Recorded services provided on account for the remainder of May, 2,650. 4. Explanations may be omitted. DLite Dry Cleaners is owned and operated by Joel Palk. The business was started by selling $100,000 worth of common stock. The company paid $1,000 cash in dividends to the owner (sole shareholder). Stock a., A:1. The customer will pay at a later date. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 4. (Note: Ignore the date because these events are aggregations of individual events.) If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Graw b. Extend the balances to the appropriate balance columns after each transaction is posted. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. O OO O There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. %24, Carl Warren, James M. Reeve, Jonathan Duchac. The company paid $1,500 cash for rent of office space for the month. 0. During June, Ming Chen (the owner) completed these transactions. + 3. What will be the value of interest payment at the end of fourth year in real dollars? $ 15,000 The following, A:Unadjusted Trial Balance - Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Received cash from clients on account, 9,520. During the first month of During June, Ming Chen (the owner) completed these transactions. 1,500 Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. . Common Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. II I have all relevant skills and expertise related to your project. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Ask a new question. 31. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Liabilities Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 4. Ming Chen began a professional practice on June 1 and. Revenues No. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? 25.000 0. Assignments: ACCTG-4A-80575-2021SP Payable Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. (b) Paid office rent, 500. and company a firm. 0. *Response times may vary by subject and question complexity. Start your trial now! No. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: The following transactions, A:Note: 5. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 2,500 Common Please resubmit the question, Q:Beverly Crusher is a licensed CPA. The policy covers a one-year period. C. Provided services in the amount of $1,000. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Explanations may be omitted. During June, Ming Chen (the owner) completed these transactions: a. The company paid $10,000 cash to settle the liability created in transaction c. Withdrew cash for personal use, 3,900. 5. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 3. (Continued) Required: 1. Withdrew cash for personal use, 2,500. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD %24 Received 2,000 for serving as a disc jockey for a wedding reception. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Recording of a business transactions in a chronological order. Dividends in the amount of $1,500 were distributed. 25,000 1,500 Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Bal. 10,000 Prepare an income statement, a retained earnings statement, and a balance sheet. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business. Owner invested e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Instructions 1. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Prepare a post-closing trial balance. No. Purchased office equipment on account from Office Mart, 7,500. c. Both credit card and debit card transaction fees are limited by law. 5. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 7,500 The transactions of During the first month of operations of his, A:Solution: For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account.